Insurance Giants Raided for Price Fixing - South African News Briefs - August 26, 2022 allafrica: SouthAfrica CompetitionCommission Insurance pricefixing ComradesMarathon2022 PresidentCyrilRamaphosa NationalAssembly independentpanel
The Competition Commission on Thursday raided the premises of eight long-term insurance companies who are suspected of price fixing,The commission said it has reasonable grounds to suspect that those companies, which include industry heavyweights -Old Mutual, Momentum and Discovery Limited, colluded to fix prices and trading conditions.
The commission said the search and seizure operations have been conducted as part of an ongoing investigation that was initiated by the commissioner in January 2021. The companies are suspected of working together, to fix prices for products such as retirement annuities, life insurance cover, disability cover, and funeral assistance benefits.Comrades Marathon is back and will be run on Sunday, August 28. Local and international participants will be pounding the tar in a gruelling 90km"down run" from Pietermaritzburg to Durban. The race was suspended for two years due to the Covid-19 pandemic regulations.